Consumption

Aristotle, unlike liberals such as Robbins but close to institutionalists like Veblen and Galbraith, made ends as well as means a central topic in economics. He argued for a middle way. Consumption should not be too little nor should it be too much. Incontinence and intemperance diminish happiness but so do asceticism and self-denial. Consumer goods are signs and signifiers in the sense of Goffman. Conspicuous display is both wasteful and socially divisive. Economic growth and redistribution of purchasing power would raise the deprived up to the standard of self-presentation of the median citizen. Once the community has attained that level, a further increase in material wellbeing is no longer essential to perpetuate an established way of life.